The Dollar Index rallied just enough last week to trigger a ‘mechanical’ short at the green line (x=102.80). The trade is predicated on further slippage to at least D=98.71, the target of a bearish pattern measured from November 2022. Just to get on record with this, there is room for even more weakness down to as low as 93.55. That’s a Hidden Pivot support derived from a higher point ‘A’, the 113.15 peak recorded a couple weeks earlier in November 2022.
DXY – NYBOT Dollar Index (Last:102.88)
